Bankrupt Mt.Gox exchange announces the expiration of the deadline to file for repayment

According to the letter from the platform’s trustee, the process will last until October 31

07.04.2023 - 14:00

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The deadline for Mt Gox creditors to provide their repayment information has now passed, opening the window for repayments to be made.

The base, intermediate and early lump sum repayments can now be paid out up until the Oct. 31 deadline, according to an April 7 letter from the Mt Gox Trustee.

The Trustee noted that he would carry out the preparations to make the repayments, coordinating with the list of financial institutions — including crypto exchanges — that will receive the payments and distribute them to creditors. "In light of this, it is expected to take some time before the repayment is commenced," the Trustee said.

The Trustee noted that the deadline for making the repayments could be extended with the permission of the Tokyo District Court.

Mt Gox is set to distribute an unknown portion of the 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million) and 69 billion Japanese yen ($523 million) that it holds.

Payments will be made in a mix of crypto — bitcoin and bitcoin cash — and fiat money. The first 200,000 yen worth of each creditor’s claim will be paid in yen. If their claim is greater than this amount and they choose crypto and cash, they will receive a mix of around 71% crypto and 29% cash after the initial payment.

This material is taken from the website https://www.theblock.co.

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